Congressional Budget Office

While many in the 'resistance' have vociferously denounced the Senate tax reform bill in the last 48 hours, former Treasury Secretary Larry Summers took the proverbial biscuit by warning that "thousands will die as a consequence of this new tax bill."

"So what's in the just passed tax bill?" To answer that question, we publish the latest Goldman analysis for those still confused - which would be pretty much everyone - what is currently contained in the most sweeping tax overhaul in the US since the days of Ronald Reagan.

Shortly before 2am, the Senate passed "the most sweeping rewrite of the U.S. tax code in three decades" slashing the corporate tax rate and providing temporary tax cuts for most Americans, handing Republicans a badly needed victory. As usual, nobody actually read what's in the bill, so here is a quick breakdown.

"So what you have is a sharply downward sloping taper of tax cuts and revenue losses, which makes the bill a classic Keynesian deficit stimulus through the tax code, not a supply side incentive driver; and one so tangled up in the nation's fiscal strait-jacket that it ends up in political la la land."

After having previously cut so-called "cost reduction subsidies" and the marketing budget for Obamacare, Trump is now reportedly ready to also repeal the legislation's controversial "individual mandate" which taxes people who choose to forego health insurance.

In a report looking at "what could possibly go wrong" with tax reform, Goldman analysts find that while "recent developments on tax reform have been positive" with the Senate’s "tentative budget agreement likely headed for passage in the Budget Committee this week" and the Big Six framework signaling narrower tax policy differences, there’s "plenty that could still go wrong."

Late on Sunday and overnight, GOP senate leadership was scrambling to revise the Obamacare repeal bill in order to win support from a small but critical group of holdout senators and secure the 50 votes needed to allow the tie-breaking vote in favor cast by Vice President Mike Pence.